The Institute of Chartered Accountants of
Scotland (ICAS) has advised the UK Financial Services Authority
(FSA) and Bank of England to use the Swiss model as an example when
shaping the relationship between auditor and banking
supervisor.
The report is a response to the FSA and the
Bank of England’s draft code of practice issued last week, written
to help enhance dialogue between auditors and supervisors.
The ICAS research report The contrasting role
of auditors in UK and Swiss banking supervision, suggests that in
Switzerland auditors have a significant, direct role in banking
supervision; compared to the UK where the role of auditors is
limited.
The report said the responsibility for the
file review of bank audit engagements in Switzerland is undertaken
by a specialist unit within the Swiss banking regulator and the
Financial Market Supervisory Authority. The reviews of other public
interest companies are undertaken by the Swiss public oversight
body, the Swiss Federal Audit Oversight Authority.
ICAS said this approach enables specialist
banking audit knowledge to be concentrated in a dedicated team at
the regulator, also ensuring the audit approach and performance
between and within audit firms is benchmarked.
Deadline for comment on the FSA and Bank of
England practice draft is 25 March.
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